November 27, 2009

Argentina grains mixed on week but drop expected today

Argentine grain prices were mixed on the week with only small changes.

Trade was muted Thursday (November 26) in the absence of direction from the benchmark Chicago Board of Trade due to the US Thanksgiving Day holiday.

However, sharp declines are expected in Chicago Friday following the selloff in international stock and bond markets Thursday.

Wednesday, Dubai said it would restructure its largest corporate entity, Dubai World, and seek a six-month standstill on the group's debt. The attempted restructure follows a collapse in its once-booming real-estate sector late last year.

The news sent ripples across markets worldwide.

Spot soy were traded at ARS1010 (US$266) a ton at the Rosario Grain Exchange Thursday, down from ARS1020 a week ago.

May 2010 soy futures traded at US$238 and US$240 a tonne in Rosario Thursday, unchanged from a week ago.

Spot corn wasn't traded Thursday, but March 2010 corn contracts changed hands at US$125 per tonne, unchanged from a week ago.

January 2010 wheat sold at US$154 a tonne Thursday, up from US$148.50 a tonne Thursday. Spot wheat traded at ARS602 a tonne.